Maker's Mark apologizes, reverses alcohol-cut plan

LOS ANGELES (MarketWatch) -- The Beam Inc.
BEAM
unit that produces Maker's Mark bourbon issued an apology to its customers Sunday and said it would reverse a recent decision to lower the alcohol content in its namesake liquor in the face of a public backlash. The move followed Maker's Mark's announcement that it would cut the bourbon's alcoholic content to 42% or 84 proof, down from 45% or 90 proof, in order to deal with supply constraints amid rising demand for the drink. "Since we announced our decision last week ... we have heard many concerns and questions from our ambassadors and brand fans. We're humbled by your overwhelming response and passion for Maker's Mark," the unit's chief operating officer and chairman emeritus said in a joint statement announcing the move. "While we thought we were doing what's right, this is your brand. ... You spoke. We listened. And we're sincerely sorry we let you down," they said. Shares of Beam dipped below the $61 level briefly last week, but later recovered to close Friday trade at $61.50.

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